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Mark Zuckerberg Co Founder and CEO of Facebook returns from a break to answer the last of the Member's questions as he testifies before a meeting of the United States House Committee on Energy and Commerce during a hearing on"Facebook Transparency and

"While we regularly have conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do", Citigroup told AFP by email.

The social media company has reportedly asked us banks to share financial information about their customers, including checking-account balances and card transactions.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

Highlighting the fact that "Facebook has been a cesspool of privacy issues for quite a while", technology writer Curtis Silver argued in a piece for Forbes on Monday that it's time to "quit Facebook before it inevitably accesses your banking data".

The social media titan has reportedly put forward a proposed feature that would allow users to see their own checking-account balances through the platform, as well as fraud alerts that could be delivered through Facebook as well.

The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data.

"We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook explained in its statement.

"We don't use purchase data from banks or credit card companies for ads", Facebook spokeswoman Elisabeth Diana told the Journal. Unless Facebook is able to reassure the banks that it either won't have direct access to the data itself, or that the data will never be used for advertising purposes, then the company may not succeed in convincing US banks to share their customers data.

Wells Fargo declined to comment. "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

The talks are part of an effort to make Facebook Messenger more of a destination for online shopping.

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